Icahn tells Dell Inc (NASDAQ:DELL) – I can and will proxy fight if necessary

Boston, MA 04/08/2013 (wallstreetpr) – Dell Inc (NASDAQ:DELL) (Current: $14.22, down by 0.28%) had offered to reimburse Icahn for the bidding fees if he agrees to give up other options such as a proxy fight. Billionaire Carl Icahn however, is not willing to drop these options. Via the proxy fight, Dell can be compelled top pay its stockholders a big dividend. The bid cost reimbursement facility has been provided to the two other bidders, Michael Dell along with Silver Lake management LLC the equity firm ,as one bidder and The Blackstone Group L.P (NYSE:BX0 (current: $19.50, Up by 0.41%) as the other. On Friday, Icahn had put forth a request that Dell cover his bidding costs.

Icahn firm on decision
The company had responded in the affirmative but under the condition that there be no aggressive litigation procedures launched against it and no proxy fight. Icahn wishes to maintain both rights and have the bidding amount reimbursed. The options that Icahn is thinking of are varied ones. His dividend proposal being one which would inevitably involve a proxy fight. The other was his original bid to acquire 58 percent of the company and he already holds a $1 billion stake in the company. Icahn was very clear about the fact that he will not be backing off and will not give up his right to bid for the company. Irrespective of whether the board likes it or not, if it is something that benefits the shareholders he will be going forward with it.

The offers that Blackstone and Icahn have put forth are far superior to the $24.4 billion offer that Michael Dell and Silver Lake have put forward. Blackstone is slated to visit the Dell headquarters to start a detailed analysis process. This is an indication that a particular company is going ahead with the offer.

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